Why You Should Use Your VA Loan Benefit
No Down Payment
The VA Loan program is the only loan program that will allow you to finance 100% of the home’s value and purchase the home with $0 to put down. In many cases, banks are requiring 10-20% down which can put many individuals out of reach of homeownership.
No PMI, Can Save You Hundreds Every Single Month
Because the VA Loan is a government backed loan, banks will not require that you purchase PMI (Private Mortgage Insurance) which can add hundreds to your monthly expenses if you would otherwise be required to obtain private mortgage insurance.
Interest Rate Advantage
The Interest Rate Advantage of the VA Loan can add quickly in savings as well. VA Loans are typically 0.5%-1% lower than conventional loans. Rates for VA Loans are lower because a VA Loan is backed by the government and are less risky.
Qualification is Easier
For a first time home buyer who qualifies for a VA Loan, the deal keeps getting sweeter. Guidelines for a VA Loan are less stringent because of the government backing. Relaxing the lending rules for VA Loans makes it easier to obtain.
You can read more about the VA Loan and it’s processes by visiting the VA websites. Want to see what a VA Loan can do for you? Take advantage of your VA Benefit today and visit a VA Texas Mortgage Bank.
December 15th, 2009 at 12:03 am
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December 17th, 2009 at 4:20 pm
I have always try to take the time to educate my military clients that the VA mortgage loan is one of the best mortgage programs available. Now, that the buyer will most likely qualify for a tax credit, it’s a win win situation!
December 22nd, 2009 at 4:23 pm
Agreed! Great advice LoanBark!
December 26th, 2009 at 12:29 am
The fact of exclusive mortgage leads according to figure is that only about 65% of leads that are worked to the fullest extent because many factors such as turnover & poor time management limit the potential of leads. User can then assign call back dates, track closing dates, keep contact notes, and much more. A good dealer will handle the documentations, making the most of the leads provided by the lead services. The sad fact is that the competition for loans increases day by day and the turnover rate of loan officers that abandon their careers in loans is about 95% within 5 years. You have the opportunity to select that option which cerate more competition to take the advantage of quality leads to bring your exclusive mortgage leads at the top of success.
December 26th, 2009 at 10:46 pm
For those that qualify the VA loan is a great option. In San Diego, California we had the opportunity to go over 700k with no money down if we choose to. We ended up only needing $524,000 but still with no money down that was great. Yeah the rate was higher because of the jumbo loan but my wife is a 10% disabled vet so we were able to save on the fees as well.
December 31st, 2009 at 12:21 am
Home is very special place for all of us. Normally first time home buyers use FHA home purchase leads to purchase new home. For those owners who are facing some financial difficulties this is the best program that can be used for loan modification. FHA home purchase leads have some guidelines and the guidelines that should get the help you need. FHA home purchase leads saves time and ensures that you and all other applicants receive consistent treatment.
December 31st, 2009 at 12:22 am
Reliable mortgage leads that you can receive to advance sales and to help consumers to meet financial needs that taking advantage of these resources is important to the success of your mortgage broker company.
February 14th, 2010 at 7:03 pm
Lending moneys in the banks to get a mortgage wont help anything at all. You could not save from them. Its them would save from you. Consult a commercial mortgage broker based in Ontario, and we’ll give you solutions.
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June 30th, 2010 at 5:10 am
Mortgage Rates Drop to All Time Low
Rates have been relatively low over the last month. This week, they are in the news by falling to a new all time historical low.
The 30 year rate fell from 4.75 to 4.69 this week. Two weeks ago the 30 year rate was sitting at 4.72. What’s interesting is that over the last month, when a lot of people have been talking about how rates are about to start rising, we are instead breaking records with mortgage rate lows. We mostly concentrate on the 30 year rate because it is the most widely used mortgage product. But in addition to the 30 year rate hitting an all time low the 3 other major mortgage products all reached new all time lows as well. The 15 year dropped from 4.20 to 4.13. The 5 and 1 year arms dropped from 3.89 to 3.84 (5 year arm) and 3.82 to 3.77 (1 year arm). Below are rates from the weeks from May 27, 2010 to Jun 24, 2010
Jun 24, 2010
30-fixed 4.69 15-fixed 4.13 5 ARM 3.84 1 ARM 3.77
Jun 17, 2010
30-fixed 4.75 15-fixed 4.20 5 ARM 3.89 1 ARM 3.82
Jun 10, 2010
30-fixed 4.72 15-fixed 4.17 5 ARM 3.92 1 ARM 3.91
Jun 03, 2010
30-fixed 4.79 15-fixed 4.20 5 ARM 3.94 1 ARM 3.95
May 13, 2010
30-fixed 4.93 15-fixed 4.30 5 ARM 3.95 1 ARM 4.02
So in addition to looking at mortgage rates it’s also helpful to look at mortgage payments. We took today’s rates and translated them into a mortgage payment for a 200k loan. We also did the same things with rates from May 13th.
Jun 24
30-year $1036.07
15-year $1492.43
5-year ARM $936.47
1-year ARM $928.5
May 13
30-year $1065.1
15-year $1509.62
5-year ARM $949.07
1-year ARM $957.13
So although rates were already pretty low on May 13th today a payment on a 200k loan is about $30 less a month for a drop of a little less than 3 percent.
So what is going to happen over the next few months? Its certainly possible rates could fall a little more and we could break some new records with mortgage rates. I would be surprised if rates fell below 4.25 unless the economy went into a significant tailspin. On the other hand once the economy recovers rates should increase rapidly. And in inflation spirals out of control I could see rates jumping into the double digits.